The Future of Cyber Insurance and Cyber Technology: An Interview with Munich Re’s Head of Cyber, Daljitt Barn
Ahead of his talk at our upcoming InsurTech Meetup Event on November 22nd, we sat down with Daljitt Barn, Head of Cyber at SOSA’s partner Munich Re, to find out about the rapidly growing cyber insurance field and the new opportunities it poses for cyber technology companies.
How big is the market today for cyber insurance companies?
Cyber Insurance is the fastest growing line specialty insurance market ever, and is currently worth ~ $3.5 billion. By 2020, industry analyst believe it could be anywhere between $8 billion — $10 billion.
What are the new opportunities for cyber companies working with insurance companies?
The opportunities are in offering cyber products and services into the cyber insurance supply-chain; be that pre-bind, during the term, and post-breach. Those coming along to the event will find out how!
Can you give us a good example for an interesting company attacking a problem in the field of cyber insurance?
One example of cyber, and its impact to everyday life, is insurance of autonomous vehicles. Cars and commercial vehicles are becoming more connected, so as the attack surface increases, Argus Cyber Security and their solution suite are helping car manufactures prevent car hacking.
What do you find interesting about the cyber ecosystem in Israel? What is your impression of the Israeli startup scene?
The dedication and talent of the entrepreneurs in this sector. They are taking a rapidly evolving global business challenge and focusing on Fintech, Insurtech, and hopefully in the future move into cyber insurance opportunities.
How is Munich Re building relationships with cyber companies?
Munch Re as the global ‘cyber insurance’ reinsurer, has many networks to reach out to the market. We have Innovation Scouts based in Tel Aviv and Silicon Valley, as well as cyber risk practitioners working with vendors to build products and services, and cyber underwriters talking to clients to understand the problem they are trying to fix.
To find out more about the future of Cyber Insurance and the opportunities for cyber companies, claim your spot at the InsurTech Meetup Event tomorrow @ SOSA! RSVP HERE
Interested in finding our more about SOSA, contact: email@example.com